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Economic Impact of the Winter Olympic & Paralympic Games

News Release
January 16, 2002


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The Economic Impact of the Winter Olympic & Paralympic Games

VI. Risks Versus Rewards

The potentially large economic rewards from hallmark events are exposed to erosion through a variety of risks. Some risks are common to all capital projects and are minimised through good corporate practices in the design, development and management of activities and in judicious application of insurance and risk management programs. This model assumes the VW2010 group and the Province recognise these largely internal or endogenous risks and will effectively manage them going forward.

Perhaps the most devastating endogenous risk is that, in spite of best efforts, the delivery of the Games is materially flawed. This performance risk could crystallise in any of a variety of forms such as: the transportation system fails under peak pressure or isn't ready in time, the GVRD water supply is vandalized and rendered undrinkable, or the international media is badly treated in some way. Widespread international coverage of any event of this nature could create substantial lasting damage to the tourism industry and the economic legacy of the Games depending on the severity of the event and the effectiveness of the response. Fortunately, such risks can be minimised through early identification and coordination of risk management planning amongst the public and private stakeholders.

Other risks are more problematic because they are external or exogenous potential events that are beyond the control of the Province but could dramatically affect the impact of the Games.


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